Mississippi Long-Term Care Insurance Costs & Options
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- Traditional Long-Term Care Insurance
- Hybrid Life Insurance with LTC
- Long-Term Care Annuities
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Long-term care insurance can play a significant role in your family’s future well-being. By planning ahead you can provide security and peace of mind for years to come by knowing you can:
✔ Secure quality, affordable care.
✔ Safeguard your assets for your spouse and other heirs.
✔ Relieve family members and friends from having to provide care.
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Did You Know?
Almost 70% of people turning age 65 today will need some type of long-term care in the future. The average length of time people need care is 3 years.1
One-third of people may never need long-term care, but 20% will need it for longer than 5 years. On average women need 3.7 years of care while men need 2.2 years.2
In 2024, the average cost for 3 years of long-term care in Mississippi is $306,252 ($102,084/year). That cost is projected to be $609,375 ($203,125/year) 2044.3
Understand Long-Term Care Costs
Mississippi Long-Term Care Costs – 2024 (annual) | |||
| Region | Nursing Home (private room) | Assisted Living (private room) | Home Care (44 hours/week) |
| State Average | $102,084 | $53,151 | $44,921 |
| Gulfport-Biloxi-Pascagoula | $106,859 | $51,356 | $48,085 |
| Hattiesburg | $110,436 | $53,036 | $48,886 |
| Jackson | $92,849 | $58,952 | $45,203 |
| Rest of State | $98,981 | $56,131 | $45,450 |
Source: Nationwide Financial 2024 cost of care survey conducted by HVS, site accessed 5/01/2024
Does Medicare Cover Long-Term Care?
No. Medicare does not pay for long-term care (custodial care). This type of care makes up over 90% of all long-term care services. An example of custodial care is when you need help with walking, bathing, eating, dressing or using the toilet. This is the type of care most needed when someone has a physical impairment from a stroke. Or, due to cognitive impairment from dementia or Alzheimer’s disease. Don’t make the mistake of thinking Medicare covers long-term care costs. It doesn’t.
Further, about 80% of care at home is provided by unpaid caregivers. With more than half of this care including intensive caregiving assistance with personal care such as bathing or feeding.4 And it’s not only seniors that need long-term care. Over 35 percent of people currently receiving care are between the ages of 18 and 64.5
When To Buy Long-Term Care Insurance
Like most advisors, we recommend buying long-term care insurance in your fifties or early sixties for the following reasons:
- The younger you are when you buy a policy, the lower the annual premiums.
- Even though you pay premiums a longer period of time, you’ll typically pay less overall than someone buying at an older age.
- By the time you reach your mid sixties, you’re more likely to have a medical condition that makes you ineligible for a preferred-health discount, or makes it tough to get coverage at all.
So it almost never pays to wait. And, while you’re waiting, you’re uninsured. If an accident or illness happens causing you to need long-term care, you’ll have to pay out of pocket.
How Much Does LTC Insurance Cost in Mississippi?
Your Mississippi long-term care insurance rates will depend on your age, health history, plan design and type of coverage selected. The following choices let you choose how much protection is right for your situation:
- Benefit Period
- Daily Benefit
- Elimination Period (a deductible in days)
- Inflation Protection (if chosen)
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Mississippi Long-Term Care Insurance Options
These are the types of long-term care insurance plans available in Mississippi.
Traditional Long-Term Care Insurance
- The most comprehensive long-term care protection for your dollar
- About half of all long-term care policies purchased
- The broadest set of options
- Recurring premiums
- Learn more about Traditional LTC >
Hybrid Life Insurance with Long-Term Care
- A permanent life insurance policy that can be used during your lifetime if you need long-term care
- If care is not needed, your asset passes to your estate as a tax-free death benefit
- May build cash value and have a return of premium option
- Premiums will NOT increase and 1035 exchanges are possible
- Can be funded with qualified dollars (IRA, 401k, etc.)
- Learn more about Hybrid Life with LTC >
Hybrid Annuity with Long-Term Care
- A deferred annuity contract with a fixed interest rate and possible indexing for asset growth plus long-term care benefits
- If not exhausted paying for long-term care, the annuity will transfer to your estate
- Long-term care benefits are typically double or triple the value of the annuity
- Premiums will not increase and 1035 exchanges are possible
- Can be funded with qualified dollars (IRA, 401k, etc.)
- Learn more about Hybrid Annuities with LTC >
Short-Term Care Insurance
- Coverage for a year or less with the option of home health care only, facility only, or both combined
- Lower premiums than long-term care insurance and some policies available to age 89
- Simplified underwriting may be a good fit if you’ve been declined for LTC insurance
- No deductible option means benefits would be paid out as soon as you qualify
- Learn more about Short-Term Care Insurance >
Mississippi Long-Term Care Insurance Tax Credit
This Mississippi law allows for taxpayers to get a tax credit of 25% of the premium or $500 of “the premium costs paid during the taxable year for a qualified long-term care insurance policy.” This is a State of Mississippi tax credit and not a federal tax credit initiated in 2007 to encourage residents to buy LTC insurance (Senate Bill No 2237).6
When this legislation became law, Gov. Barbour stated: Paying for long-term care for our loved ones can be an enormous financial burden on our families. This is one way we can help curb the costs of care, especially when the length of stay is unknown and options are limited. The State Tax Commission indicates the credit cannot exceed a taxpayer’s tax liability and can’t be forwarded to the next year.
Mississippi Long-Term Care Partnership
Mississippi does not have a Long-Term Care Partnership Program as of May 1, 2024.
Where available in other states, long-term care Partnership Programs combine private LTC insurance with special access to Medicaid.
Long-Term Care Insurance Companies in Mississippi
Mississippi long-term care insurance is available from several highly rated insurance companies. We compare these carriers to find you the right plan at the lowest cost. Here is a list of long-term care insurance providers in Mississippi:
- Bankers Life & Casualty
- Brighthouse Financial
- Global Atlantic
- LifeSecure
- Lincoln Financial (MoneyGuard)
- Mutual of Omaha
- National Guardian Life
- Nationwide Life Insurance Company
- New York Life
- Northwestern Mutual
- State Farm
- OneAmerica
- Securian Financial
- Thrivent Financial
Compare Long-Term Care Insurance Options
Our Mississippi LTC specialists offer objective guidance on a wide range of long-term care insurance products and strategies. Expect personalized service on topics such as:
✔ Choosing from a variety of long-term care insurance products
✔ Suggestions for the carrier best suited to your situation and goals
✔ Assistance with health qualifying for coverage
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About the Author: Craig Matesky
Reviewed by: Mike Berger